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Sep
14

Burlington Prices Continue to Surge

Burlington Prices Continue To Surge

The average selling price for a resale home in Burlington in August was $676,055 – up by a jaw-dropping 19.6% versus the $565,046 average price recorded in August 2015. While marginally below the all-time high of $682,258 set in June, prices remain well ahead of 2015 levels. On a year-to-date basis (January thru August), the average price of a Burlington resale home is now up by an eye-popping 15.7% versus the comparable period last year. This represents an increase in home equity of over $88,000 for the average Burlington homeowner over the past twelve months.

Price growth continues to be fueled by incredibly low resale inventory. Active listings at August month-end were 222 units, down by an incredible 48.5% versus the 431 units for sale at month-end last year. Abnormally low inventory spurs aggressive competition among buyers which, in turn, causes upward pressure on prices.

Related: Oakville Prices Set Another All-Time High

While resale prices continued to soar, resale volume maintained its pattern of weakness in August. The Burlington resale home market recorded just 239 sales in August – down by a sizeable 9.1% versus the 263 homes sold in August 2015. On a year-to-date basis (January thru August), sales volume is now down by a full 10.6% versus last year. The ultra-weak inventory situation mentioned above has definitely affected sales volumes as a growing number of buyers are staying on the sidelines due to inadequate property selection.

While all other key factors (ultralow interest rates, a stable labour market and solid consumer confidence) remain highly positive, a persistent shortage of listings will almost certainly continue to negatively impact sales volumes in the short term. That said, current market conditions highly favour potential sellers from both a price and length of time on the market viewpoint (days on market dipped to just 24 days in August, a full 7 days lower than August 2015).

Related: Monthly Neighbourhood Market Reports

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Burlington Transactions - AUG 2016

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Aldershot South13$934,63530
Maple8$681,30022
Central7$821,28650
Dynes6$638,50027
Longmoor7$610,25712
Pinedale5$477,5009
Roseland10$1,25,400037
Shoreacres12$1,110,12541
Elizabeth Gardens8$673,00018
Brant Hills10$559,14018
Mountainside6$531,00010
Headon Forest16$597,4949
Millcroft14$770,88613
Orchard14$712,87116
Palmer15$541,83311
Tansley4$521,50020
Alton West8$672,37515
Alton Central2$691,0008